• World’s top EV battery maker moves forward with listing plans

• Goldman Sachs, Morgan Stanley, UBS set to join roster of banks

Contemporary Amperex Technology Co. Ltd. is considering filing its application for its jumbo Hong Kong listing as soon as this month or early March, people familiar with the matter said.

The Shenzhen-listed firm’s Hong Kong float could raise more than $5 billion as soon as the first half of 2025, Bloomberg News has reported, in what would be the biggest listing in the city in recent years.

CATL, as the world’s top electric-vehicle battery maker is known, is set to add Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG to the roster of banks arranging the offering, the people said, asking not to be identified as the deliberations are private.

Bank of America Corp., China International Capital Corp., CSC Financial Co. and JPMorgan Chase & Co. were poised to be lead arrangers of the listing, people familiar with the matter have said.

Considerations are ongoing and details such as the timing of the filing and size of the share sale could still change, the people said. Other banks may also join the group with more junior roles, they added.

Representatives for CATL, Goldman, Morgan Stanley and UBS declined to comment.

CATL’s listing is expected to drive much of this year’s share-sale recovery in Hong Kong, with other mainland China-listed companies also seeking a second float in the city. The chief executive officer of Hong Kong Exchanges & Clearing Ltd. last month said about 100 companies were in the initial public offering pipeline. Hong Kong’s IPO business could double to more than $22 billion in 2025, Bloomberg Intelligence analyst Sharnie Wong wrote in January note.

CATL’s big-ticket deal has led banks to clamor for a role in the deal, while the company has offered a mere 0.2% base underwriting fee—plus possible incentives, people familiar with the matter have said.

The key Tesla Inc. supplier’s earnings last year rose as much as 20% as it tightened its grip on the EV battery market. The company is on track to post a new peak in annual net income, though its sales are set to drop for the first time since it began disclosing results in 2015.

On a more pessimistic note, CATL was also added in January to a US Defense Department list of firms with alleged links to the Chinese military. While inclusion doesn’t carry specific sanctions, US businesses could be discouraged from dealing with the companies on the list.

CATL’s shares have slid roughly 5% this year, giving the company a market value of about $153 billion.